Resona Asset Management Co. Ltd. Takes Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Resona Asset Management Co. Ltd. purchased a new stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 224,976 shares of the electric vehicle automaker's stock, valued at approximately $3,003,000.

Other institutional investors also recently bought and sold shares of the company. Geode Capital Management LLC increased its stake in Rivian Automotive by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock worth $175,639,000 after acquiring an additional 227,168 shares during the last quarter. Norges Bank purchased a new position in Rivian Automotive in the 4th quarter worth $123,308,000. Charles Schwab Investment Management Inc. lifted its stake in Rivian Automotive by 2.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock valued at $63,055,000 after acquiring an additional 133,781 shares during the period. Groupama Asset Managment acquired a new position in shares of Rivian Automotive in the 4th quarter valued at about $26,600,000. Finally, California Public Employees Retirement System lifted its stake in shares of Rivian Automotive by 19.7% in the 4th quarter. California Public Employees Retirement System now owns 1,265,248 shares of the electric vehicle automaker's stock valued at $16,828,000 after purchasing an additional 208,326 shares during the period. 66.25% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Robert J. Scaringe sold 35,713 shares of the company's stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total value of $491,410.88. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company's stock, valued at approximately $11,879,847.36. This represents a 3.97 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the business's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the transaction, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 185,427 shares of company stock worth $2,237,044. 2.51% of the stock is owned by corporate insiders.

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Rivian Automotive Price Performance

Shares of NASDAQ:RIVN traded up $0.23 during trading on Monday, reaching $11.70. The company had a trading volume of 4,592,415 shares, compared to its average volume of 36,894,117. The firm's fifty day moving average is $11.99 and its 200 day moving average is $12.06. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The firm has a market capitalization of $13.23 billion, a PE ratio of -2.48 and a beta of 1.89. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $18.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.69) by $0.06. The company had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. On average, equities analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Wall Street Analysts Forecast Growth

RIVN has been the topic of several research analyst reports. Bank of America cut Rivian Automotive from a "neutral" rating to an "underperform" rating and lowered their price objective for the stock from $13.00 to $10.00 in a report on Monday, February 24th. Sanford C. Bernstein began coverage on Rivian Automotive in a report on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 target price on the stock. Barclays lifted their target price on Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research report on Wednesday, January 22nd. Piper Sandler lowered Rivian Automotive from an "overweight" rating to a "neutral" rating and dropped their target price for the company from $19.00 to $13.00 in a report on Thursday, March 20th. Finally, Cowen assumed coverage on Rivian Automotive in a research report on Thursday, March 6th. They set a "hold" rating for the company. Three analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $14.25.

About Rivian Automotive

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.